Internet of Things or IoT is an extensive network of connected physical objects that can share and collect data within the network. The objects in the network could be any device that has a unique IP address. They can be connected to the internet, including smart microwaves, heart monitors, automobiles with sensors, wearable fitness devices and many more. These devices fall into the category of smart devices and can function and transfer data without the need for manual intervention.
IoT enables these devices to detect the users’ needs and offer specialized functions accordingly.
How IoT Works?
The vast number of objects and devices that are a part of this network are equipped with built-in sensors. These sensors are connected to a platform that amalgamates data from many different devices, applies analytics and then shares the results to satisfy specific needs.
The IoT platforms are so powerful that they can precisely pinpoint what information is important and what should be ignored. Advanced analytics provide insights that make the devices and applications more efficient. Thus, the IoT platform gathers data without manual help and provides useful information to the user, enabling them to track things, count things, reduce cost and perform many other required functions.
The IoT platforms are cloud-based and connect the real and the viral worlds to provide access to an infinite number of devices and data. Since the volume of data accessed and analyzed in huge, it is harnessed by predictive analytics. Machine learning is used to ensure that all these processes run smoothly without needing any human intervention.
The Scope of IoT – Benefitting Businesses
Internet of Things has the ability to connect various devices that are implanted in different systems of the internet. As these devices are capable of representing themselves digitally, they can be easily controlled from anywhere. This allows the devices to gather more data from a multitude of sources, ensuring enhanced security and efficiency.
This power on information helps businesses in making informed decisions, improve performance and ultimately, deliver greater benefits. Some benefits of IoT that are enjoyed by businesses include:
Generate new business models and enhance revenue:
IoT provides an array of benefits like smart apps, subscription services, auto-renewal of plans etc. to businesses. This provides businesses with large opportunities to create new models and services based on the real-time data collected by IoT objects.
Increases Operational Efficiency:
The biggest advantage of IoT is the high efficiency it offers. Therefore IoT is being used by companies to automate their manufacturing and business processes and control their operations remotely. It also enables businesses to optimize their supply chains and have better control over them through the integration of IoT devices.
Boosting Workforce Productivity:
IoT enabled devices such as wearables help the employees in automating their routine tasks, making informed decisions and fast-tracking communication. These are boosting workplace productivity and instilling job satisfaction among the employees.
Better Customer Experience:
IoT devices can gather and detect customer behaviour patterns. It integrates customer needs with product performance to deliver services and products that are tailored to the customer’s needs. Thus, IoT allows businesses to create a better customer experience.
How it is Impacting Industries
Posing so many benefits and enabling industries and businesses to serve their customers better, the IoT has left a profound impact on many businesses. Businesses like insurance, oil and gas, infrastructure, manufacturing, and retail are reaping the benefits of IoT. However, there are three industries that are leading the way when it comes to IoT:
The manufacturing process has been completely transformed by IoT. Manufacturing firms use the Industrial Internet of Things to promote automation of the manufacturing process, improve the safety of the workers, and predict equipment and machinery failures to prevent failures.
Intelligent and smart transportation are executing the movement of cargo and people throughout the world. In this industry, thousands of IoT devices and sensors are used on different vehicles including planes, ships, and trains to optimize their functioning, engine performance, safety, and logistics supply chain management.
Automotive manufacturing and technology companies use the IoT to help drivers of cars with IoT sensors. This helps them to have a better experience. They can avoid accidents, find parking spots easily, figure out maintenance issues and much more. Machine learning combined with IoT is also bringing self-driving cars.
These three industries are the current leaders who have embraced IoT. They have made the most of this technology to improve the experience of their customers.
Thus, IoT represents a world of technology that extends far beyond tablets, computers, and smartphones. It represents an advanced technological world where any device with an IP address that can be connected and accessed in an intelligent way. The Internet of Things can thus, also be said to be a giant intelligent information network.